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Are you using your personal vehicle for your small business, farm or in service of a charitable organization? You could be eligible for a mileage deduction. The IRS has issued the new standard mileage rates for 2019. They are as follows:
- 58 cents per mile driven for business use, up 3.5 cent from the rate for 2018
- 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018
- 14 cents per mile driven in service of charitable organizations, unchanged from 2018
As always, documentation is required for all mileage expenses. Records must include the amount of the expense, date and place it was incurred, and an acceptable business purpose. Examples of records include receipts, canceled checks and mileage logs.